Commercial mortgage brokers ask us questions all the time. Some questions are geared toward a specific deal. Others are general inquiries about our loan programs. We even receive a large number of marketing-related questions from brokers looking to source more deals.
The answers to these types of questions are helpful not only for the inquiring broker, but also for the small-balance commercial mortgage broker community at large. So starting with this post, we’ll be sharing top Q&As in our Commercial Mortgage Mailbag feature.
Question #1: “How do you get past the ‘No Soliciting’ sign when out cold calling?”
This is a common question from mortgage brokers who are trying to expand their network and generate new leads. The problem here is that cold calling in 2018 has become more difficult than ever. Professionals today deal with a constant barrage of phone calls and emails that demand their attention – hoping to connect and possibly do business through cold calling in this environment is nearly impossible.
Instead, your first step should be to make the cold call…less cold.
Simply connecting with a potential business partner on LinkedIn can provide the entry point you need to get closer to an actual connection. That way the prospect can learn about you and your value proposition on their own time.
You can also incorporate inbound marketing tactics by posting interesting and relevant content on the social media channels where your prospects are most active. The objective is to be seen as a thought leader and increase the chances that others want to strike first and reach out to you.
The key is to prove your value ahead of time so that your cold calls are never actually cold.
Question #2: “Does Silver Hill have title seasoning requirements for rate and term refinance loans?”
No, our core loan programs do not include seasoning requirements on title. Silver Hill’s ability to help borrowers refinance the mortgage on a property they have only recently purchased is a major benefit for investors and small business owners who struggle to work with banks.
To learn more about our multifamily and commercial loan program benefits, be sure to read this post on the Silver Hill sweet spot.
Question #3: “Do you have to go to any investors or committees for approvals or final closings?”
One of the reasons why traditional lenders like banks often take several months to close commercial mortgage loans is the obligation they have to obtain approval from a lending committee or group of investors.
Silver Hill Funding does not have that obligation for our core programs, which means we have the ability to close loans in as few as 30 days. Depending on the deal in question, our team can complete a transaction in an even shorter amount of time.
Question #4: “How do you suggest standing out among the commercial mortgage competition?”
Standing out in today’s crowded market requires the growth of your personal brand. But this doesn’t mean that you must spend the most marketing dollars and make the most noise on your social media channels of choice.
No, building your brand today is about promoting the unique value you provide – and backing up your claims with sufficient evidence that builds trust with your target audience.
To start, focus on the needs your services are able to meet. Instead of describing yourself as a “mortgage broker for non-bankable borrowers,” try promoting yourself as a “mortgage expert who helps business owners and investors secure financing when banks say no.” This additional level of detail gives your target audience a more specific idea of your value proposition.
Another key to building your brand is to emphasize consistency – both in your visuals and in your messaging. Borrowers need to hear your message several times before it fully registers, so make it easier for your value proposition to sink in by keeping your claims consistent and memorable. The same goes for the look and feel of your website and social media channels. Your goal should be for your audience to instantly recognize your presence regardless of the marketing channel.
Want to learn more about branding? You can get more information about these and other tactics by reading our blog post here.
Have a question you’d like us to answer in our next mailbag? Simply reach out to us at firstname.lastname@example.org or contact your Silver Hill Regional Manager today.